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29 May 2017 – Dean Forex Market Commentary

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Dean's Daily FX Update – 29 May 2017

In the Zone

  • EURUSD
  • NZDUSD
  • USDCAD
  • Gold
  • Silver

Noteworthy News

  • President Trump is back in Washington, and we now see his twitter account has been turned on again. Expect to see news about the tax reform coming.

Recap

The week has started in rather a subdued fashion as the market may be a little nervous to take any big decisions with two of our major trading centres in London and New York not at their desks today. China is also on holiday today and so there is definitely a lid put on trading. There was actually a lot of news flow to come out over the weekend, the UK election polls are choppy at the moment, North Korea launched yet another missile, and Merkel comments on the US alliance.

The only real market moving event was local developments as news filtered through of the NEC discussions over the weekend. Saturday rumours were rife that President Zuma would be forced out of office, while late Sunday it emerged that he survived a no confidence vote – for now. The USDZAR fell in early trade but has since recovered as the Rand will undoubtedly weaken today. Offshore investors will be scrutinizing any details, it does seem as though every action of the President is going to be under a microscope from here in, and I would not be surprised if these developments resurface.

The majors are all unchanged on the day, there may be some action in the EURUSD later as ECB President Draghi addresses the market. There looks as though some possible opportunity brewing in both metals, but I am hesitant to look for too much considering the reduced liquidity later today.

Daily Ranges 29/05/2017

Majors

EURUSD

Resistance                                          1.1200 – 1.1205

Support                                                1.1160 – 1.1150

GBPUSD

Resistance                                          1.2880 – 1.2930

Support                                                1.2800 – 1.2770

AUDUSD

Resistance                                          0.7470 – 0.7490

Support                                                0.7430 – 0.7400

NZDUSD

Resistance                                          0.7050 – 0.7070

Support                                                0.7010 – 0.7000

USDCAD

Resistance                                          1.3480 – 1.3500

Support                                                1.3400 – 1.3370

USDJPY

Resistance                                          111.60 – 111.80

Support                                                111.10 – 111.00

USDCHF

Resistance                                          0.9750 – 0.9770

Support                                                0.9700 – 0.9690

Rand

USDZAR

Resistance                                          12.9600 – 13.0050

Support                                                12.8400 – 12.8150           

EURZAR

Resistance                                          14.4950 – 14.5500

Support                                                14.3440 – 14.3000

GBPZAR

Resistance                                          16.6580 – 16.6860

Support                                                16.4560 – 16.4260

Minors

AUDCAD

Resistance                                          1.0040 – 1.0060

Support                                                0.9990 – 0.9950

AUDJPY

Resistance                                          83.10 – 83.30

Support                                                82.60 – 82.30

EURCHF

Resistance                                          1.0910 – 1.0920

Support                                                1.0900 – 1.0880

EURGBP

Resistance                                          0.8720 – 0.8750

Support                                                0.8680 – 0.8660

EURJPY

Resistance                                          124.90 – 125.00

Support                                                124.25 – 124.00

GBPJPY

Resistance                                          143.70 – 144.00

Support                                                142.50 – 142.00

GBPCAD

Resistance                                          1.7370 – 1.7400

Support                                                1.7240 – 1.7220

GBPCHF

Resistance                                          1.2550 – 1.2570

Support                                                1.2470 – 1.2450

Indices

DE30

Resistance                                          12680 – 12700

Support                                                12550 – 12520

UK100

Resistance                                         

Support                                               

US500

Resistance                                          2418 – 2430

Support                                                2390 – 2380

US30

Resistance                                          21100 – 21200

Support                                                20900 – 20870

SA40

Resistance                                          48000 – 48200

Support                                                47600 – 47300

Commodities

BRENT

Resistance                                          54.40 – 54.60

Support                                                53.40 – 53.10

XAUUSD

Resistance                                          1250.00 – 1270.00

Support                                                1240.00 – 1220.00

XAGUSD

Resistance                                          17.10 – 17.30

Support                                                16.80 – 16.60

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